Big Lots Profit Up

New York City, Big Lots Inc. on Friday reported a better-than-expected quarterly profit on improved cost controls, but the closeout retailer said it now expects same-store sales to fall in the holiday quarter amid weak demand for toys and home goods.

Net income rose to $14.3 million in the third quarter ended on Nov. 3 from $1.7 million a year earlier. Sales fell 1.8% to $1.03 billion, hurt by weak sales of toys, home goods and fall seasonal merchandise.

Earlier this month it said third-quarter same-store sales fell 0.5%.